Are You Estate Illiterate?

Have you heard of the Task force on Financial Literacy? (www.financialliteracyincanada.com)

It describes the need for lifelong learning when it comes to Canadians and their money.  But what does it say about what happens to your money and family when you are gone?

The Task Force released an official report on February 9, 2011 with recommendations to the Federal Government.  It discusses the need for “…timely informal education at key life events”.

Take a look at this figure from the online report to describe a common series of life events.

Do You See a Pattern Like I Do?

(Figure 9: Life Events. Based upon information from Investor Education Fund www.GetSmarterAboutMoney.ca)

Almost every event pictured involves basic estate planning questions like:

•    Opening a bank account – should it be made joint with someone?
•    Getting a job – who should receive insurance benefits?
•    Buying a home – who will inherit your largest asset?
•    Getting married – how do you protect your spouse if you are gone?
•    Having a baby – who will be the child’s guardian?

No matter how much money or education you may have, most people are estate illiterate. But EstateTherapy™ hopes to change that and become your online source to improve your estate literacy.

Here you can find information on estate matters to help.

Estate planning involves making decisions and learning about:

•    how to receive necessary legal advice
•    understanding legal processes to make wills and powers of attorney
•    choosing the right estate executor
•    taking steps to avoid disputes, delays and taxes
•    protecting your money for your loved ones’ needs

Let me know what you think may be missing and we will try to build it into the site.

If you are an estate advisor, financial planner, accountant or lawyer, drop me a line and send me your questions. I will try to answer them.

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